Page 44 - Gujarat

Exim Bank launches Finserve at GIFT City to offer trade finance products

Exim Bank on Tuesday said it has launched subsidiary Exim Finserve at the Gujarat International Financial Tec-City (GIFT City) to offer a comprehensive range of trade finance products to Indian exporters. Exim Finserve will provide a combination of three essential services to exporters: receivables financing, coverage of the risk of non-payment and management of accounts receivable, Exim Bank said in a release. Exim Finserve, or India Exim Finserve IFSC Private Limited, will extend a range of trade finance products to Indian exporters, with a primary focus on export factoring, it said. "This would lead to improved cash flow and reduced payment risk for exporters, enabling them to confidently explore new markets and seize growth opportunities. "The factoring services would be particularly beneficial for MSME exporters as it is primarily based on the quality of accounts receivable, rather than collateral," stated the release. The subsidiary of Exim Bank was announced in the Union Bu

Indian Banks' Association constitutes sectoral committee in GIFT City

The Indian Banks' Association (IBA) has constituted a sectoral committee for member banks operating within the Gujarat International Finance Tec-City (GIFT City), the association said on Tuesday. The inaugural meeting of the committee took place in GIFT City on Tuesday. IBA has constituted the Sectoral Committee to address the unique regulatory landscape and challenges faced by banks operating within GIFT City. The committee will act as a bridge between the banking industry and regulators, ensuring that concerns and perspectives are effectively communicated and addressed, a release said. GIFT City currently accommodates 26 banks. Earlier, banks individually took up issues faced by them with the International Financial Services Centre Authority (IFSCA). The establishment of the Sectoral Committee is a pivotal step towards streamlining concerns common to all banks within GIFT City. Sunil Mehta, Chief Executive of IBA, said, the regulatory framework for banks within GIFT City differs

BJP gen secy in Gujarat, Pradeepsinh Vaghela resigns on 'personal grounds'

Pradipsinh Vaghela, one of the four general secretaries of BJP in Gujarat, has resigned on personal grounds, his party colleague said on Saturday and added the resignation has been accepted. BJP general secretary Rajni Patel also said no complaint was received against Vaghela and he remains a party worker. Patel dismissed as "baseless" some reports claiming that Vaghela has been barred from entering the BJP's state headquarters 'Kamalam'. "Pradipsinh Vaghela worked actively as a state general secretary. He resigned due to personal reasons and his resignation has been accepted," Patel said. Vaghela was holding the post of general secretary since 2016 and was the in-charge of the south zone, Ahmedabad city and district, and the state BJP headquarters. The development comes at a time when the Surat crime branch arrested three persons for allegedly circulating a defamatory letter containing accusations against Vaghela and some other leaders.

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Adani group to expand SIL's Sanghipuram port capacity to handle large ships

The Adani group will make investments to expand the captive port capacity of Sanghipuram to handle vessel sizes of 8,000 DWT (deadweight tonnage), said Adani Ports and Special Economic Zones (APSEZ) CEO Karan Adani on Thursday. Adani Group firm Ambuja Cements on Thursday said it will acquire a majority stake in Sanghi Industries Ltd (SIL), one of the leading cement manufacturers from western India, at an enterprise value of Rs 5,000 crore. As per the deal, Ambuja Cements, a part of Adani Cement, which holds the cement business of port-to-power conglomerate Adani group, will acquire 56.74 per cent shares of SIL from its existing promoter group - Ravi Sanghi & family. Sanghi Cement has a manufacturing unit at Sanghipuram in Gujarat's Kutch district, which is also connected with a captive jetty at Sanghipuram. It has a 6.6-MTPA (Million Tonnes per annum) capacity clinker plant and a 6.1-MTPA capacity cement Plant. "We will also invest in deepening and expanding the captive port ...

Cyclone Biparjoy costs Gujarat Rs 1,212.50 cr, says Nityanand Rai

The minister shared the information while giving a written reply to a question asked by Congress leader Shaktisinh Gohil

Parental consent for love marriages: Gujarat CM says, will look into issue

Gujarat Chief Minister Bhupendra Patel said that his government will carry out a study on the proposal "if the Constitution does not become a hindrance"

Setalvad moves Gujarat HC to quash FIR against her in 2002 riots cases

Social activist Teesta Setalvad on Monday moved Gujarat High Court to quash an FIR filed against her by the city crime branch for allegedly fabricating evidence in the 2002 riots cases. A sessions court had recently rejected her discharge plea in the case, even as the Supreme Court granted her bail after the Gujarat High Court denied her relief. She moved a plea for quashing the FIR in the Gujarat High Court and the matter is likely to come up for hearing in a few days. Setalvad and two others former state Director General of Police R B Sreekumar and former Indian Police Service officer Sanjiv Bhatt were arrested by the city crime branch in June 2022 on charges of forgery and fabricating evidence with the intent to implicate Gujarat government functionaries in the 2002 riots cases. An FIR was registered against them after the Supreme Court last month dismissed the plea filed by Zakia Jafri, whose husband and former Congress MP Ehsan Jafri was killed during the riots. Setalvad ha

Maruti Suzuki to acquire Suzuki Motor Gujarat from Japanese parent co

Marut Suzuki India on Monday said its board has approved the acquisition of the entire stake in Suzuki Motor Gujarat from Japan-based parent Suzuki Motor Corporation. Currently, Suzuki Motor Corporation (SMC) owns a 100 per cent stake in Suzuki Motor Gujarat (SMG) which supplies its entire production to Maruti Suzuki. Maruti Suzuki board in its meeting held on Monday approved the termination of the contract manufacturing agreement with SMG, the auto major said in a regulatory filing. The company's board also approved to exercise the option to acquire SMG stake from SMC subject to all legal and regulatory compliances including minority shareholders' approval. The auto major expects to complete the transaction by March 31, 2024. It noted that the mode of acquisition including consideration to be paid to SMC shall be decided in a subsequent board meeting. With the growth of the Indian car market and export potential, Maruti Suzuki would need to increase its production capacity to ab

Companies allowed to list on GIFT IFSC for foreign flows: Sitharaman

India has been considering proposals to allow firms to list on foreign exchanges, in order to compete with Chinese companies that flourish on bourses in the US

India will soon become global player in semiconductor industry: Gujarat CM

Gujarat Chief Minister Bhupendra Patel on Friday expressed confidence that India will soon become a global player in the semiconductor sector under the leadership of Prime Minister Narendra Modi. Patel was speaking at the 'Semicon India 2023', an exhibition-cum-conference organised at the Mahatma Mandir convention centre here by India Semiconductor Mission in partnership with industry and industry associations. PM Modi inaugurated the event and also spoke on the occasion. Patel said the Indian industry is growing by leaps and bounds under the leadership of PM Modi. "Due to his efforts in making India 'aatmanirbhar' (self-reliant), we are achieving those targets which once seemed difficult or even impossible. Semiconductor is one of those sectors which India has been chasing for long," Patel said in his address. India has made significant progress in semiconductor manufacturing due to the efforts put in by PM Modi over the last few years, he said. "I am confident that India will ..

Micron to make chips for domestic, global markets at its Gujarat facility

Micron Technology CEO Sanjay Mehrotra said that the Gujarat facility is expected to create up to 5,000 jobs

GSEB Gujarat Board SSC Supplementary Result 2023 out, more details here

GSEB Gujarat Board SSC Supplementary Result 2023 has been announced. Applicants can look at their results through the official site of GSEB at gseb.org

Adani's Mundra port handled 5,300 TEUs in July, crosses pre-Biparjoy levels

Adani Group-owned Mundra port in Gujarat handled over 5,300 twenty-foot equivalent units (TEUs) in July 2023. With this the handling has crossed the pre-Cyclone Biparjoy levels of around 4,900 TEUs, Adani Group said in a statement on Thursday. Group company Adani Ports and Special Economic Zone Ltd (APSEZ) operates the Mundra Port which is the largest integrated transport utility in India. "The average number of TEUs handled by rail at the Mundra port has crossed 5,300 in July, surpassing the pre-Cyclone Biparjoy levels of around 4,900," it said. The cyclone disrupted operations and caused unavoidable operational downtime for around six days. Mundra is the largest container handling port in India, having handled more than 6.6 million TEUs in FY23, making it an integral gateway to the north and central parts of the country. Despite the disruption due to the cyclone, the port posted a commendable growth of 4.4 per cent year-on-year in Q1 FY24 in container handling. A new berth, "T

PM Modi to inaugurate international airport near Rajkot city in Gujarat

Prime Minister Narendra Modi will be on a two-day visit to Gujarat from Thursday during which he will inaugurate a number of key projects, including an international airport near Rajkot city. The international airport at Hirasar village near Rajkot city, which the PM will inaugurate on Thursday afternoon, is Gujarat's first greenfield airport, a release by the state government said. Modi will then address a large gathering at the Race Course ground in Rajkot city. From the venue, the PM will dedicate packages 8 and 9 of the Saurashtra Narmada Avtaran Irrigation (SAUNI) Yojana. The recently completed packages 8 and 9 of the SAUNI scheme will provide water to 52,398 acres of irrigable land in 95 villages and potable water to around 98,000 people of the Saurashtra region, said the release. From the venue, the PM will also inaugurate an over-bridge and a newly-constructed library. On Friday, the prime minister will inaugurate the 'Semicon India 2023' exhibition in state capital ...

Guj court grants more time to Kejriwal for appearance in defamation case

A court here on Wednesday granted some more time to Delhi Chief Minister Arvind Kejriwal and Aam Aadmi Party (AAP) Rajya Sabha member Sanjay Singh to appear before it in response to summons issued to them in a criminal defamation case. The court of chief metropolitan magistrate SJ Panchal rejected the AAP leaders' exemption applications and kept the matter for August 11. Kejriwal and Singh are facing a criminal defamation case filed by Gujarat University (GU) over their sarcastic and derogatory remarks over Prime Minister Narendra Modi's educational degree. Through their lawyer, the two leaders assured the court that they will remain present during the next date of hearing provided there do not arise circumstances beyond their control. If they face any such circumstances that prevent them from appearing, then there are judgments that allow counsels to record a plea, their lawyer told the court. The respondents sought exemption on various grounds and said they have challenged the ..

Gujarat HC acquits last cop accused in 2003 Sadiq Jamal encounter case

The Gujarat High Court has allowed the discharge plea of a former police official accused in the 2003 encounter of Sadiq Jamal, who the cops had claimed to be a Lashkar-e-Taiba (LeT) operative. With the acquittal of retired deputy superintendent of police Irshadali Anwarali Saiyed, all seven of the eight accused in the case stand exonerated. One accused died during the pendency of his discharge plea. The court of Justice Gita Gopi on Tuesday allowed Saiyed's discharge plea in the case of the alleged fake encounter of a 19-year-old youth who the police had claimed to be an LeT operative out to kill the then chief minister Narendra Modi and other BJP leaders. A special CBI court had on December 20, 2022, turned down Saiyed's plea for discharge, prompting the retired cop to move the high court. The Central Bureau of Investigation (CBI) did not challenge the discharge order of any of the six cops who were acquitted in the past. The case pertains to Sadiq Jamal, a youth from Bhavnagar,

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Adani's $1.1 bn copper project in Gujarat to start operations from Mar 2024

Billionaire Gautam Adani-led group's copper-producing factory at Mundra in Gujarat will start operations from March next year, helping cut India's dependence on imports and aiding energy transition, sources said. Copper is known as the "metal of electrification" as deeper electrification requires wires, which are primarily made from copper. Technologies critical to the energy transition like electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper. Kutch Copper Ltd (KCL), a subsidiary of the group's flagship Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for the production of refined copper with 1 million tonnes per annum in two phases. For Phase-1, capacity of 0.5 million tonnes per annum, KCL has achieved financial closure through a syndicated club loan, sources with direct knowledge of the matter said. The first phase is expected to become operational by the end of the current fiscal, they

PM Modi to visit Gujarat on July 27, inaugurate Hirasar airport in Rajkot

Prime Minister Narendra Modi will visit Gujarat on July 27 and 28 during which he will inaugurate the newly-built greenfield airport at Rajkot, officials said on Sunday. He will also inaugurate 'Semicon India 2023', an event in state capital Gandhinagar to highlight investment opportunities in India's semiconductor sector, they said. Modi will dedicate the Hirasar greenfield airport to the nation on July 27 before addressing a public rally in Rajkot city, Collector Prabhav Joshi said. The PM laid the foundation stone for the airport in October 2017. On July 28, Modi will inaugurate 'Semicon India 2023' in Gandhinagar. The exhibition of the event will be inaugurated by Chief Minister Bhupendra Patel on July 25, and the programme will run from July 25-30, a government release said. Union ministers Ashwini Vaishnaw, S Jaishankar and Rajeev Chandrasekhar will mark their presence at the event. The exhibition aims to educate visitors about the intricate manufacturing process of ...